BB&T Corp raised its stake in shares of IPG Photonics Co. (NASDAQ:IPGP) by 46.3% during the first quarter, Holdings Channel reports. The firm owned 13,604 shares of the semiconductor company’s stock after buying an additional 4,307 shares during the period. BB&T Corp’s holdings in IPG Photonics were worth $1,642,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the stock. BlackRock Fund Advisors raised its position in IPG Photonics by 5.8% in the third quarter. BlackRock Fund Advisors now owns 1,375,526 shares of the semiconductor company’s stock valued at $113,275,000 after buying an additional 75,720 shares during the period. Congress Asset Management Co. MA acquired a new position in IPG Photonics during the fourth quarter valued at approximately $54,983,000. Northern Trust Corp raised its position in IPG Photonics by 7.3% in the third quarter. Northern Trust Corp now owns 387,014 shares of the semiconductor company’s stock valued at $31,872,000 after buying an additional 26,262 shares during the period. Pioneer Investment Management Inc. raised its position in IPG Photonics by 9.4% in the third quarter. Pioneer Investment Management Inc. now owns 340,695 shares of the semiconductor company’s stock valued at $28,056,000 after buying an additional 29,415 shares during the period. Finally, Norges Bank acquired a new position in IPG Photonics during the fourth quarter valued at approximately $30,765,000. Institutional investors and hedge funds own 60.50% of the company’s stock.
IPG Photonics Co. (NASDAQ:IPGP) traded up 0.169% during midday trading on Friday, hitting $133.735. 316,264 shares of the stock traded hands. The stock has a 50-day moving average of $122.29 and a 200 day moving average of $108.25. IPG Photonics Co. has a 52-week low of $76.22 and a 52-week high of $140.09. The firm has a market cap of $7.16 billion, a PE ratio of 27.574 and a beta of 1.67.
IPG Photonics (NASDAQ:IPGP) last issued its quarterly earnings results on Tuesday, May 2nd. The semiconductor company reported $1.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.19. The business had revenue of $285.80 million for the quarter, compared to analysts’ expectations of $253.97 million. IPG Photonics had a net margin of 25.83% and a return on equity of 17.73%. The business’s quarterly revenue was up 37.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.92 earnings per share. Equities analysts forecast that IPG Photonics Co. will post $5.93 EPS for the current year.
Several equities analysts have commented on IPGP shares. Needham & Company LLC reiterated a “buy” rating and set a $146.00 price objective (up previously from $130.00) on shares of IPG Photonics in a research report on Wednesday. Benchmark Co. increased their price objective on shares of IPG Photonics from $100.00 to $116.00 and gave the company a “buy” rating in a research report on Monday, January 30th. Canaccord Genuity reiterated a “buy” rating on shares of IPG Photonics in a research report on Tuesday, March 7th. Zacks Investment Research upgraded shares of IPG Photonics from a “hold” rating to a “buy” rating and set a $152.00 price objective for the company in a research report on Thursday. Finally, Summit Redstone reiterated a “buy” rating on shares of IPG Photonics in a research report on Tuesday, January 31st. Seven analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and an average target price of $123.43.
In other news, major shareholder Valentin Gapontsev Trust I sold 200 shares of the stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $140.00, for a total transaction of $28,000.00. Following the sale, the insider now owns 7,621,799 shares of the company’s stock, valued at $1,067,051,860. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 34.20% of the stock is currently owned by corporate insiders.
About IPG Photonics
IPG Photonics Corporation is a developer and manufacturer of a line of fiber lasers, fiber amplifiers, diode lasers, laser systems and optical accessories that are used for various applications. The Company offers a line of lasers and amplifiers, which are used in materials processing, communications and medical applications.
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